RBC Bearings sales expand by 26%
RBC Bearings reported net sales for the first quarter of fiscal 2016 were $142.3 million compared to $113.0 million in the first quarter of fiscal 2015.
Industrial sales increased 2.9% and aerospace sales increased 44.7%. Overall net sales for the quarter were negatively impacted by $1.0 million due to foreign exchange on a year over year comparison.
Net income for the quarter was $13.4 million, or 57 cents per share, compared to $16.0 million, or 69 cents, for the same period last year.
In April, RBC completed the acquisition of Sargent Aerospace & Defense from Dover Corporation for $500.0 million financed through a combination of cash on hand and senior debt.
“We achieved solid operating performance in the first quarter,” said Dr. Michael J. Hartnett, chairman and chief executive officer. “The Sargent integration is going well, and our expanded and strengthened offering is aiding our performance across the cyclical businesses we serve. Overall, we are off to a good start to our fiscal year and we are confident in our ability to further execute as evidenced by our solid backlog levels and earnings growth.”
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
